Embassy Archives What's New/Press Releases

HUDCO raises $10 million in US Captial Market

September 22, 1999

Housing & Urban Development Corporation Ltd., (HUDCO) has signed an agreement today with USAID to raise US $10 million from the US Capital Markets for lending for urban infrastructure projects. The agreement was signed by Shri V. Suresh, Chairman & Managing Director, HUDCO and Mr. Earl Kessler, Acting Director, USAID.

This is a follow up of a MoU, which was signed in 1995 for the development of Debt Market in India for Municipal finance between the Government of India and Government of USA.

The money raised will be used in projects relating to water supply and energy recovery from waste in Nagpur and setting up of two sewerage treatment plant in Surat.

The Indian team consisted of Mr. V. Suresh, CMO, HUDCO, J.P. Murthy, Joint Secretary, Ministry of Urban Development and Mr. Sudhakar Rao, Minister (Economic Affairs), Indian Embassy. The agreements were signed on behalf of USAID by Mr. Earl Kessler, Acting Director, USAID, Mr. Robert B. Seeling, MD of M/s Baylock and Partners, the investors, Mr. Vincent McMahan, Senior Corporate Trust Officer of Riggs Bank and Mr. Gerold Stolz of Thompson Coburn, the solicitors.